NHS survey finds foundation trusts crying out for cover
Brokers and insurers could tap into more than £3m of property premiums, £1.75m of BI cover and £500,000 of D&O policies by targeting NHS foundation trusts a survey by the NHS accountants’ body the Healthcare Financial Management Association reveals.
Its survey of the 115 foundation trusts in England, found that nearly 40% had not bought property insurance, and nearly 60% had no commercial BI cover. A further 60% had no D&O cover. The survey had a 40% response rate a covered trusts with turnovers from £55m to £800m.
Foundation trusts have a financial duty to remain a going concern and, unlike ordinary NHS Trusts, can buy commercial insurance over and above the £1m of cover provided by the NHS’s own provider, the NHS Litigation Authority.
After a major fire at the Royal Marsden NHS Foundation Trust last January, which was only partially covered by insurance through RSA, brokered by Willis, foundation trusts bosses are looking to increase their insurance.
More NHS trusts are also queuing up to become foundation trusts and will all need insurance in place before they switch.
The survey identified Willis and Griffiths and Armour as the leading brokers in the sector, with RSA and Allianz the major insurers.
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